When an individual tries to get a credit for a house or a loan on an car they are usually aware of how critical their credit report and credit score can be. A lender can charge a higher rate or even turn down credit altogether based upon what is showing on the credit report and the credit score.
But there are also a few things that most people are not even aware of concerning credit scores and credit reports. Negative credit can have an consequence on many things that you may not even be aware of.
If you are a credit cardholder you need to make sure that you keep a good credit score and a clean credit report. Credit card companies are notorious for finding any reason that they can to increase your interest rates. If you are a cardholder they can observe your report and if you show any destructive credit they can raise your rates, even if you have never been late on a payment to them! The teaser initial rate could double or even triple if your credit report is bad.
Any difficulty showing on your credit report is a adequate incentive for them to raise your rates. Many times erroneous and imprecise information can show on your report and your rates will be unfairly jacked up. It is smart to repair any problems that you see on your report as soon as possible for this cause.
Another sound motive to have a good credit is to help you find a job. A potential employer can request to see a copy of your credit report and it is officially permitted for them to not hire you based upon what is showing on that report. However, not every background check requires a credit inquiry and they must have special permission from you to gain access to your credit history.
While you may not even be considered for the job if you have bad credit, a good credit score may mean the distinction between getting hired or not if you are one of a few similarly competent prospects. It is essential in these shifting financial times to make sure you have every benefit in the job marketplace.
The third unforeseen motive to have a excellent history is that insurance companies have done their investigation and they have determined that drivers with bad credit file 40% more insurance claims. To them that means that if you have bad credit you could be deemed riskier to them as a policyholder. It is estimated that 90% or more auto insurance companies use credit reports as an underwriting tool.
While many of these things seem unreasonable and unfair the fact is that our credit affects more than we comprehend. Do what you can to maintain good credit if you have it and if you don't take the steps required to improve or repair your credit. - 31377
But there are also a few things that most people are not even aware of concerning credit scores and credit reports. Negative credit can have an consequence on many things that you may not even be aware of.
If you are a credit cardholder you need to make sure that you keep a good credit score and a clean credit report. Credit card companies are notorious for finding any reason that they can to increase your interest rates. If you are a cardholder they can observe your report and if you show any destructive credit they can raise your rates, even if you have never been late on a payment to them! The teaser initial rate could double or even triple if your credit report is bad.
Any difficulty showing on your credit report is a adequate incentive for them to raise your rates. Many times erroneous and imprecise information can show on your report and your rates will be unfairly jacked up. It is smart to repair any problems that you see on your report as soon as possible for this cause.
Another sound motive to have a good credit is to help you find a job. A potential employer can request to see a copy of your credit report and it is officially permitted for them to not hire you based upon what is showing on that report. However, not every background check requires a credit inquiry and they must have special permission from you to gain access to your credit history.
While you may not even be considered for the job if you have bad credit, a good credit score may mean the distinction between getting hired or not if you are one of a few similarly competent prospects. It is essential in these shifting financial times to make sure you have every benefit in the job marketplace.
The third unforeseen motive to have a excellent history is that insurance companies have done their investigation and they have determined that drivers with bad credit file 40% more insurance claims. To them that means that if you have bad credit you could be deemed riskier to them as a policyholder. It is estimated that 90% or more auto insurance companies use credit reports as an underwriting tool.
While many of these things seem unreasonable and unfair the fact is that our credit affects more than we comprehend. Do what you can to maintain good credit if you have it and if you don't take the steps required to improve or repair your credit. - 31377
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